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The global personal protective equipment (PPE) market size is expected to reach USD 92.86 billion by 2027, owing to high demand for PPE in chemical manufacturing. This information is shared by Fortune Business Insights™ in its recent report, titled “Personal Protective Equipment (PPE) Market Size, Share & Industry Analysis, By Product (Head Protection, Eye & Face Protection, Hearing Protection, Protective Clothing, Respiratory Protection, Fall Protection Protective Footwear, Hand Protection, and Others), By Application (Construction, Manufacturing, Oil & Gas, Chemical, Food, Pharmaceutical, Transportation, and Others) and Regional Forecast, 2020-2027”. According to the report, the market value was at USD 52.43 billion in 2019 and is expected to register a CAGR of 7.4% from 2020 to 2027.
US Dept. of Defense Awards 3M Production Contract for N95 Respirators
In May 2020, the American PPE leader, 3M, was awarded two contracts by the US Department of Defense to boost production of N95 respirators in the country to counter the COVID-19 pandemic. The contracts will permit 3M to produce 39 million respirators per month, since they have been awarded under the Defense Production Act. 3M has been ramping up its production of the N95 respirators since January, when the outbreak began, having already invested around USD 80 million in its plants and equipment. The steady increase in production of respirators by 3M is based on the WHO’s insistence on constant wearing of masks by people when they are outdoors, thus minimizing the risk of spreading the virus.
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Worries Over Sustainable Disposal of PPE May Stall Market Growth
Personal protective equipment such as masks, gowns, and eye gear are mainly made of plastic and polymers, which are notoriously difficult to discard in an environment-friendly manner. As the COVID-19 pandemic rages across the globe, people have been strongly advised to wear masks in social settings. As a result, the demand and usage of face masks, gloves, and other PPE is skyrocketing, which is posing a major threat to the environment. For example, researchers at the Louisiana State University found that PPE litter had increased rapidly in Baton Rouge since the outbreak of the coronavirus pandemic. The New Zealand-based Sustainability Trust has also observed that unnecessary use of PPE is creating large amounts of waste, which is going into landfills. Since plastic is non-biodegradable, land pollution is growing as a consequence, which may stifle the personal protective equipment market growth.
Key Players to Focus on Building Competitive Product Portfolios
Analysis of the PPE market shows that the structure of this market is highly fragmented, characterized by the presence of a few strong players that are operating globally and a relatively larger number of regional and local companies. Most of the big players are acquiring or collaborating with other players to gain a more competitive position in the market, while the smaller players and new entrants are mainly focused on innovation.
List of Players Covered in this Market Report:
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Value (USD Billion)